PSEi nears 6,900 as markets await US jobs data
The local stock barometer climbed close to the 6,900 mark on Friday as modest foreign funds flowed back into the market.
The main-share Philippine Stock Exchange index (PSEi) added 62.47 points or 0.91 percent to close at 6,897.13.
For the four-day trading week, the PSEi gained a total of 110.51 points or 1.63 percent as risk appetite improved with the dovish signal earlier given by the US Federal Reserve.
The local market tracked on Friday its global counterparts, which have been trading with optimism ahead of a US jobs report. This is closely watched as it can influence the monetary policy of the Fed, which in turn can affect the liquidity of global markets as well as the rotation of funds between emerging and developed markets.
“Investors will be watching Friday’s [US] jobs report for the latest read on the health of the labor market as Federal Reserve officials debate winding down monetary support later this year,” said BDO Unibank chief strategist Jonathan Ravelas.
On Friday, the local market was led higher by the holding firm counter, which rose by 2.29 percent. The financial, industrial and property counters all firmed up by less than 1 percent, while both services and mining/oil counters slipped by less than 1 percent.
Value turnover for the day amounted to P6.45 billion. Advancers edged out decliners, 104 to 102, while 39 companies were unchanged.
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